Manchester City plan to register the England international for both their Premier League and Champions League campaigns.

"He knows we have a very good team, we have a lot of players in his position. He is one player more," Pellegrini said following his side's 5-4 defeat on penalties by Olympiakos in their latest pre-season friendly.

Media playback is not supported on this device

Lampard on Chelsea departure

"We have a lot of games particularly with the Champions League - so he's very important for our team."

Lampard has legendary status at Chelsea following 13 years at Stamford Bridge, his 211 goals in 649 matches making him the club's record scorer.

Manchester City chief executive Ferran Soriano said: "One of the reasons David Villa and Frank Lampard decided to come to New York is because they know who manages and who owns the club."

Lampard, who won his 106th England cap during the World Cup in Brazil, said he would make a decision on his international career once his club future was finalised.

At his official New York unveiling, Lampard said: "I'm going to keep fit, that's the main thing. How I do that is not clear yet.

"I'm going to sit round with people at the club and sort that out."

A number of MLS players have previously spent the US close-season on loan with Premier League clubs, including Clint Dempsey at Fulham, Landon Donovan at Everton, Robbie Keane at Aston Villa and Thierry Henry at Arsenal.